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Originally Posted by kane
I never said it was unreasonable. I have said all along the stimulus bill should have been better presented. There should have been more debate and it should have looked at much closer.
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I agree with this completely. I don't object to the idea of injecting cash into the system in some form. I object to the notion that its a slam dunk and "the only right thing to do". I don't think thats fair to the people who are going to have to pay for it, to not be fully aware of the risks. I think the entire country was done a tremendous disservice considering the manner in which this was done.
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You are right, it is a roll of the dice. So is letting it crash. We can't predict for certain the exact effects either would have had. Many experts say we were on the verge of financial collapse before the first round of bailouts started. I'm no economist, but that doesn't sound pleasant. Maybe it wouldn't have been as bad as it sounds. Maybe it would have been worse.
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but recessions happen. it will happen no matter what. it would have happened no matter what. faster economic growth will result in a bigger contraction. rebounding will happen no matter what. Just as we are seeing signs of improvement right now, without the effect of the stimulus package. So you can argue that it will "crash and burn" - but you can't argue that recovery isn't inevitable.
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Neither sounds very appetizing.
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i'm a very pragmatic person. I look at this situation and see a nation full of retards who pull out a credit card and borrow money from a bank to buy a Pepsi. I see a nation full of people who are in debt. who are over extended. who are in homes they can't afford and driving cars they have no right to drive. i see a banking system that adapted quite well to making horrible loans and selling them to investors. i see mortgage companies that had no problems whatsoever lying on loan aps (i could tell you stories you wouldn't believe)... i see a system that failed completely from top to bottom. from consumers to lenders to investors.
my view is that crashing and burning makes everything stronger in the end. everyone learns the lessons. everyone resets. everyone realizes how retarded they are acting, realizes there are consequences to being stupid and making poor financial decisions. my view is that pumping the system and these companies and tax payers full of money, blaming bush and doing it at the expense of those who acted responsibly, is a horrible message to send... and its a message that will only serve to hasten the next great financial collapse.